docs: add ICT/SMC English and Traditional Chinese tutorials

content/tutorial/ict-smc/en/Chapter 00. Introduction.md

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+# Introduction
+
+## Introduction
+
+I am [@ronload](https://x.com/ron1oad), co-founder of the Kaiyn Capital community. As of August 1, 2024, I have been trading with the ICT/SMC framework for roughly half a year. Before that, my trading was mainly based on traditional Price Action. Kaiyn Capital has been operating for about a year, and I believe many people in the group have already seen my trading performance, so I will not spend too much time on that here.
+
+The purpose of this tutorial is to help people who are interested in ICT/SMC learn the system in a structured way and actually understand it. Most free and paid courses in the Chinese-speaking trading space only explain these ideas at a surface level. As a result, many beginners start trading without a clear understanding of what they are doing. A complete and logically consistent trading framework cannot be explained in a few words, especially when it is derived from price action. ICT/SMC is actually a branch of price action theory.
+
+If you plan to use this tutorial to learn ICT/SMC and start your trading journey around it, **please stick with it until the end**. Like many trading frameworks, ICT/SMC is a complete and logically consistent system. Many early concepts need to be expanded by later material, and later material depends on the early concepts to make sense. If you only learn basic concepts such as FVG, OB, or some standardized entry models, then rashly put your capital into the real market, you will miss the entire point of this tutorial.
+
+Finally, if you do finish the entire tutorial, make sure you combine the framework with proper position sizing and risk management when trading live. Without position sizing, every trading theory is just talk on paper. Remember: a 50% drawdown requires a 100% gain just to recover.
+
+If you run into questions while learning, feel free to join the Kaiyn Capital community and ask:
+
+X / Twitter: https://x.com/kaiyncapital
+
+Telegram community: https://t.me/kaiyncapital
+
+## ICT/SMC Core Axiom
+
+ICT/SMC is a trading framework proposed by The Inner Circle Trader. It is built on the following axiom:
+
+- Price movement does not depend on support and resistance. So-called support and resistance are only market illusions. Every price movement in the market is controlled behind the scenes by an invisible hand known as the ***Interbank Price Delivery Algorithm (IPDA)***.
+
+- Smart Money in the market, such as banks and financial institutions, controls price through IPDA in order to extract liquidity from speculative money, or retail traders.
+
+- Smart Money holds large amounts of inventory and can easily guide price. However, large capital needs a large amount of opposing orders to fill. For that reason, IPDA guides price toward areas where large pools of orders exist. These areas usually include:
+  1.  Retail stop-loss order pools. These areas are called ***Liquidity***.
+  2.  Areas where Smart Money has placed orders but not yet been filled. These areas are called ***Imbalances***.
+
+  Price only moves toward liquidity and imbalances.
+
+- If we want to profit in the market, we should ***follow Smart Money's footsteps*** instead of copying retail trading behavior.
+
+- The relationship between price and time is extremely important during the trading day.
+
+- ICT/SMC can be applied to any market with sufficient liquidity, which means you probably do not want to use this framework on extremely illiquid micro-cap tokens.
+
+These are the background axiom you need before learning ICT/SMC.
+
+> These axiom are important and will come up repeatedly as we explain the concepts that follow. In my view, however, ICT/SMC is only one of many trading frameworks. It is simply one way to explain the market. In reality, every trading theory explains the market through its own logic, while I personally believe that **the market itself is not truly explainable**. The so-called algorithm may not even exist. Do not believe everything just because it is written down. You can use these axiom to understand ICT/SMC, but you do not have to use them to explain the entire market, and you definitely **should not use them to play down other trading frameworks**. Remember that ICT/SMC is only one branch of price action. There is no need to over-deify it. Any framework that helps you make money is a good framework.

content/tutorial/ict-smc/en/Chapter 01. Market Structure.md

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+# Market Structure
+
+Market Structure is fundamental method for determining the direction of price movements. By identifying market structure correctly, we can avoid going against the market trend and also help us seize opportunities in the early stages of a market reversal.
+
+
+
+## Bullish Market Structure
+
+A bullish market structure consists of **higher highs (HH)** and **higher lows (HL)**. Price keeps breaking upward, showing that it has a intention to deliver higher.
+
+
+
+![Bullish Market Structure](/tutorial/ict-smc/img/01.%20Market%20Structure/Bullish%20Market%20Structure.png)
+
+-   The market is structured in an uptrend.
+-   Price creates a series of higher highs (HH) and higher lows (HL).
+-   Highs keep getting broken, while lows keep getting lifted.
+-   This means buyers are in control, demand is strong, and price continues to rise.
+-   When the market is in a bullish market structure, we should look for long opportunities that follow the direction of upward price delivery.
+
+
+
+## Bearish Market Structure
+
+A bearish market structure consists of **lower highs (LH)** and **lower lows (LL)**. Price keeps breaking downward, showing that it has a willingness to deliver lower.
+
+![Bearish Market Structure](/tutorial/ict-smc/img/01.%20Market%20Structure/Bearish%20Market%20Structure.png)
+
+-   The market is structured in a downtrend.
+-   Price creates a series of lower highs (LH) and lower lows (LL).
+-   Lows keep getting broken, while highs keep getting pushed lower.
+-   This means sellers are in control, supply is strong, and demand is weakening, which leads to a continued decline in price.
+-   When the market is in a bearish market structure, we should look for short opportunities that follow the direction of downward price delivery.
+
+
+
+## Market Structure Break
+
+When a swing high or swing low is broken, we call it a **Market Structure Break (MSB)**. This signals **continuation** in price delivery.
+
+>   Also known as: Break of Structure / BOS
+
+![Market Structure Break](/tutorial/ict-smc/img/01.%20Market%20Structure/Market%20Structure%20Break.png)
+
+
+
+## Market Structure Shift
+
+When "the high before the lowest low is broken" or "the low before the highest high is broken," we call it a **Market Structure Shift (MSS)**. This signals a **change** in the direction of price delivery.
+
+>   Also known as: Change of Character / CHOCH
+
+![Market Structure Shift](/tutorial/ict-smc/img/01.%20Market%20Structure/Market%20Structure%20Shift.png)
+
+-   A high-quality MSS should appear together with a Liquidity Sweep and Displacement, while also creating an Imbalance. These concepts will be explained in later chapters.
+
+-   MSS can also be understood as a special form of MSB.
+-   MSS is the typical structure ICT/SMC uses to identify trend reversals.

content/tutorial/ict-smc/en/Chapter 02. Liquidity.md

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+# Liquidity
+
+>   When introducing ICT/SMC, we mentioned liquidity. Price only move in response to liquidity and imbalance areas. In this chapter, we will take a deeper look at liquidity.
+
+
+
+Institutional funds needs a large amount of order pairing when entering the market, so not every price on the chart can be considered as their entry cost. Institutions rely on a large amount of liquidity to enter positions. The following locations are where liquidity may exist:
+
+-   Swing highs / swing lows
+-   Equal highs (EQH) / equal lows (EQL)
+
+
+
+## Identifying Liquidity
+
+### Buyside Liquidity (BSL)
+
+-   When a clear high is broken, aggressive speculative traders may assume that price is about to leave the range and begin a significant upward move.
+-   When that breakout happens, a large number of buy orders come in, and short stop-losses are triggered as buy-to-cover orders. This provides the liquidity Smart Money needs for Order Pairing.
+-   Smart Money exchanges inventory with speculative traders at this area, using their buy orders to sell into and complete short positioning.
+-   We call these breakout-buy orders from speculative traders ***Buyside Liquidity (BSL)***.
+
+
+
+### Sellside Liquidity (SSL)
+
+-   When a clear low is broken, aggressive speculative traders may assume that price is about to leave the range and begin a strong selloff.
+-   When that breakdown happens, a large number of sell orders come in, and long stop-losses are triggered as sell-to-close orders. This provides the liquidity Smart Money needs for Order Pairing.
+-   Smart Money exchanges inventory with speculative traders at this area, using their sell orders to buy into and complete long positioning.
+-   We call these breakdown-short orders from speculative traders ***Sellside Liquidity (SSL)***.
+
+
+
+### Swing High / Swing Low
+
+-   A Swing High is a clear high on the chart.
+-   This is usually where speculative traders place stop-losses, so liquidity exists there.
+-   When a clear Swing High is broken, we can watch whether price respects the BSL at that high.
+-   When a clear Swing Low is broken, we can watch whether price respects the SSL at that low.
+-   ***Do not chase directly when price breaks out or breaks down, because you cannot know in advance whether that liquidity will be respected.***
+
+
+
+### Equal High / Equal Low
+
+-   When two or more Swing Highs or Swing Lows line up at roughly the same level, we can call them EQH or EQL.
+-   Like Swing Highs and Swing Lows, they contain BSL or SSL.
+-   The difference is that this liquidity has already been validated, so it tends to carry slightly more weight.
+-   ***Do not chase directly when price breaks out or breaks down, because you cannot know in advance whether that liquidity will be respected.***
+
+
+
+![Equal High and Equal Low](/tutorial/ict-smc/img/02.%20Liquidity/Equal%20High%20and%20Equal%20Low.png)
+
+
+
+## Liquidity Sweep
+
+>   Also known as:
+>
+>   -   Stop Loss Hunt (SH / SLH)
+>   -   Liquidity Grab (Grab)
+>   -   Liquidity Raid (Raid)
+>   -   Swing Failure Pattern (SFP)
+>   -   Fu: I do not know what this one is either, but it basically means the same thing.
+
+
+
+-   A Liquidity Sweep is the behavior where price breaks through liquidity and then quickly reclaims the level.
+-   After price breaks through the level, Smart Money completes Order Pairing with speculative traders, inventory changes hands, and the market then reverses.
+-   A Liquidity Sweep is the **starting point** of every bullish or bearish structure.
+
+
+
+![Liquidity Sweep](/tutorial/ict-smc/img/02.%20Liquidity/Liquidity%20Sweep.png)
+
+
+
+## Liquidity Run and Price Delivery
+
+After price raids opposite-side liquidity, price delivery begins. We call this behavior a **Liquidity Run**.
+
+
+
+-   **Low Resistance Liquidity Run (LRLR)**
+
+When price delivers very smoothly and does not spend much time pausing at opposing liquidity, meaning resistance is low, we call it a **Low Resistance Liquidity Run (LRLR)**.
+
+
+
+-    **High Resistance Liquidity Run (HRLR)**
+
+When price delivery is not smooth and spends most of its time in a choppy or consolidating state, meaning resistance is high, we call it a **High Resistance Liquidity Run (HRLR)**. This suggests that the current price delivery is not very strong.
+
+>   When we see HRLR, we can expect a strong one-directional price delivery after the reversal, where price easily breaks through the resistance created during the HRLR and transitions into LRLR.
+
+
+
+![HRLR and LRLR](/tutorial/ict-smc/img/02.%20Liquidity/HRLR%20and%20LRLR.png)
+
+
+
+### Change in State of Delivery (CISD)
+
+After price completes a Liquidity Sweep, if the closing price of the consecutive candles that absorbed liquidity is engulfed, we can consider that the direction of Price Delivery is about to change. This behavior is called Change in State of Delivery (CISD). Similar to MSS, CISD can also be used to identify reversal price action.
+
+
+
+![Change in State of Delivery](/tutorial/ict-smc/img/02.%20Liquidity/Change%20in%20State%20of%20Delivery.png) 

content/tutorial/ict-smc/en/Chapter 03. Imbalance.md

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+# Imbalance
+
+>   We previously mentioned that price only displaces toward liquidity and imbalance areas. In the previous chapter, we explained liquidity in detail. Here, we will explain the concept of imbalance.
+
+
+
+-   When price produces a large displacement, we can assume that Smart Money has entered the market with significant capital.
+-   When large capital enters the market, the sharp displacement can cause some limit orders to go unfilled, creating inefficiency and liquidity imbalance in a specific price area.
+-   When liquidity becomes imbalanced, Smart Money guides price back into the imbalance area to fill the remaining orders. This is called Rebalance.
+-   After liquidity in the imbalance area has been rebalanced, price will continue in its original direction of delivery.
+
+
+
+This fully explains the ICT/SMC idea that "price only displaces toward liquidity and imbalances."
+
+If Smart Money wants to make a profit, there are only two things it needs to do:
+
+1.  Raid the stop-loss orders of speculative traders.
+2.  Fill the orders it failed to fill earlier.
+
+
+
+## Fair Value Gap (FVG)
+
+When three consecutive candles appear, and the wick of the first candle does not fully overlap with the wick of the third candle, we call the area between them a **Fair Value Gap (FVG)**. This means there is an imbalance in that price range, and the algorithm may guide price back to that area in the future to rebalance it.
+
+
+
+>   Note: On the chart, we use (+) to represent bullish and (-) to represent bearish.
+>
+>   Also known as:
+>
+>   -   Imbalance (IMB)
+>   -   Inefficiency
+>   -   Buyside Imbalance Sellside Inefficiency (BISI): bullish imbalance and sellside inefficiency, meaning +FVG.
+>   -   Sellside Imbalance Buyside Inefficiency (SIBI): bearish imbalance and buyside inefficiency, meaning -FVG.
+>   -   Liquidity Void (LV)
+>   -   Liquidity Gap (LG)
+
+
+
+![Fair Value Gap](/tutorial/ict-smc/img/03.%20Imbalance/Fair%20Value%20Gap.png)
+
+>   The midpoint of an FVG is called Consequent Encroachment (CE).
+
+## Inversion Fair Value Gap (IFVG)
+
+When price passes through an FVG and directly engulfs it without rebalancing it, the order flow at that area reverses. We call the engulfed FVG an
+
+**Inversion Fair Value Gap (IFVG)**. Generally speaking, IFVG tends to be stronger than a regular FVG.
+
+
+
+![Inversion Fair Value Gap](/tutorial/ict-smc/img/03.%20Imbalance/Inversion%20Fair%20Value%20Gap.png)
+
+## Balance Price Range (BPR)
+
+When two opposing FVGs overlap, the overlapping area is called a Balance Price Range (BPR). When price enters a BPR, it should react quickly and produce strong Displacement.
+
+![Balance Price Range](/tutorial/ict-smc/img/03.%20Imbalance/Balance%20Price%20Range.png)
+
+
+
+## Institutional Order Flow Entry Drill (IOFED)
+
+When market conditions are extremely strong, an FVG may not be filled effectively. We call this IOFED. IOFED must satisfy the following two conditions:
+
+-   The market produces a large Displacement and forms an FVG.
+-   Price quickly retraces into the FVG, but **the retracement does not exceed 50% of the FVG**.
+
+
+
+When this type of price action appears, we call it IOFED. It means that price delivery is **extremely strong**.
+
+>   In some stricter definitions, price must rebalance and reject immediately on the next candle after the FVG forms in order to be considered IOFED.
+
+
+
+![Institutional Order Flow Entry Drill](/tutorial/ict-smc/img/03.%20Imbalance/Institutional%20Order%20Flow%20Entry%20Drill.png)
+
+
+
+## New Week Open Gap (NWOG)
+
+In stock and futures markets, weekends are generally closed, so charts remain static over the weekend. If price moves during the weekend, the chart cannot display that movement in real time, which creates a gap between Monday's open and the previous Friday's close. We call this gap the New Week Open Gap (NWOG).
+
+When an NWOG appears, the orders in that area are also unfilled, so imbalance exists there as well. Future price will tend to rebalance the NWOG.
+
+Because the crypto market trades 24/7, this phenomenon is relatively uncommon in crypto. However, we can still observe CME futures gaps to get a similar effect.
+
+>   -   CME futures charts can be found on TradingView by searching BTC1! for Bitcoin futures or ETH1! for Ether futures.
+>   -   A similar concept is the New Day Open Gap (NDOG), but it is basically not useful in crypto markets.
+
+![New Week Open Gap](/tutorial/ict-smc/img/03.%20Imbalance/New%20Week%20Open%20Gap.png)
+
+
+